Global IT services company UST said it has agreed to purchase a majority share in Italdesign, an Italian automotive design, engineering and production company that is part of Germany’s Volkswagen Group. Financial details were not released.
UST, based in Aliso Viejo, also said today it has formed a strategic partnership with German carmaker Audi, which is also part of Volkswagen.
The agreement to purchase the majority stake in Italdesign is subject to regulatory approval.
For further details, see the Dec. 22 print edition of the Business Journal.
